McEwen posts positive production results for first quarter
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reported this week it is still solidly in the gold mining game in Northern Ontario with first quarter results showing more 8,700 ounces of production despite an unexpected shut down at the Black Fox Mine near Matheson because of a fire earlier this year.
Company Q1 production results were revealed April 9, showing consolidated production for Q1 2019 of 26,789 gold ounces and 703,217 silver ounces, or 36,166 gold equivalent ounces(1)(“GEOs”), at all the company properties in Argentina, Mexico and the United States.
“I am very pleased to say that after a tough start to the year at our Black Fox and Gold Bar mines (Nevada), we have delivered a strong close to the first quarter,” said company chairman and chief owner Rob McEwen in a released statement.
He added he was excited about starting up exploration drill programs both in Nevada and at the Black Fox Mine near Matheson.
The company statement revealed Black Fox produced 8,765 gold ounces in Q1. In spite of the primary contractor-operated crushing plant being shut down for six weeks in February and March due to a fire.
“Our team recorded strong production of 5,335 gold ounces in March, and achieved 93% of our budgeted production for the quarter. The crusher has been repaired and is now operating normally and we maintain our guidance of 50,000 gold ounces for 2019,” said McEwen.
“Our 2019 exploration budget for the Black Fox Complex is $17 million and includes surface and underground drilling. Surface drilling with three drill rigs started up again at the beginning of April, and we expect to announce initial results in late May.”